It amazes me how many people buy houses after looking at them only a couple of times. Usually those viewings are pretty short and nearly always accompanied by a bright eyed real estate agent who is gushing with superlatives about the property.
Hey, don't get me wrong here. I totally agree that a lot of home ownership is tied in with emotions. So it should be. Who wants to live in a four walled box that they have no emotional connection with?
The problem is that many people get so overwhelmed by the emotional pull, aided by the gushing real estate agent, that they forget to check the really vital details - like how well maintained the property is, what's over the fence, and will the property get any more sun than an arctic winter.
The first step in assessing what you should be paying and whether you will be proceeding is to do a thorough inspection of the property, both exterior and interior.
I'm not suggesting that this will replace a good building inspection, but you absolutely must at least go around the house, slowly, and take note of any obvious work that needs doing. If the work is obvious to your uneducated eye, you can be almost certain that an inspector will pick up even more detail and work required.
When I say slowly I mean you should spend at least an hour on site - having a really good nosey at everything you can both inside and outside. Hey -open up cupboards, look in wardrobes, stick your head in the attic - it's amazing what you will find - perhaps some dampness, a leaking hot water cylinder, shafts of light beaming through the iron roofing?
Here's a wee hint. As a valuer I measure the exterior of the property to check the floor area. You should do this too. The rating value floor areas are notorious for being incorrect - and a lot of the rating value is based on how big they think the property is.
The other reason for measuring is that it gives you the time to go methodically around the property perimeter - having a good gander at weatherboards, windows, foundation walls, and anything else that might throw up a few queries.
Click here for Step 2: Sales Information
For more detailed advice on buying and selling, check out our publication "What's it Worth".
